The Case of Canadian Inflation Targeting
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Market Monetarism Roadmap to Economic Prosperity Marcus Nunes
Market Monetarism Roadmap to Economic Prosperity Marcus Nunes Benjamin Cole With a foreword by Scott Sumner Text Copyright © 2013 Marcus Nunes and Benjamin Cole All Rights Reserved Table of Contents Foreword Chapter 0: Introduction and Summary Chapter 1: It´s All in the Framing Chapter 2: Camelot and the origins of the Great Inflation Chapter 3: The Great Inflation Chapter 4: The Volcker Transition Chapter 5: The Great Moderation Chapter 6: The ‘Great Recession’ (or the ‘Bernanke Little Depression’) – Why Did It Happen? Chapter 7: The International Experience Concluding Thoughts - Thinking the Unthinkable: Quantitative Easing as Conventional Policy Tool Foreword During the 1930s most people thought the Great Depression represented a relapse after the exuberant boom of the 1920s, worsened by a severe international financial crisis. Then in the 1960s Milton Friedman and Anna Schwartz showed that the real problem was an excessively contractionary monetary policy. Yes, the Fed cut interest rates close to zero, and did what is now called “quantitative easing,” but it was too little too late. At Friedman’s 90th birthday party Ben Bernanke gave a speech that included this memorable promise: “Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.” In this path-breaking study of the Great Recession, Marcus Nunes and Benjamin Cole show that Ben Bernanke and the Fed made many of the same mistakes that were made during the 1930s. -
From Next Best to World Class: the People and Events That Have
FROM NEXT BEST TO WORLD CLASS The People and Events That Have Shaped the Canada Deposit Insurance Corporation 1967–2017 C. Ian Kyer FROM NEXT BEST TO WORLD CLASS CDIC—Next Best to World Class.indb 1 02/10/2017 3:08:10 PM Other Historical Books by This Author A Thirty Years’ War: The Failed Public Private Partnership that Spurred the Creation of the Toronto Transit Commission, 1891–1921 (Osgoode Society and Irwin Law, Toronto, 2015) Lawyers, Families, and Businesses: A Social History of a Bay Street Law Firm, Faskens 1863–1963 (Osgoode Society and Irwin Law, Toronto, 2013) Damaging Winds: Rumours That Salieri Murdered Mozart Swirl in the Vienna of Beethoven and Schubert (historical novel published as an ebook through the National Arts Centre and the Canadian Opera Company, 2013) The Fiercest Debate: Cecil Wright, the Benchers, and Legal Education in Ontario, 1923–1957 (Osgoode Society and University of Toronto Press, Toronto, 1987) with Jerome Bickenbach CDIC—Next Best to World Class.indb 2 02/10/2017 3:08:10 PM FROM NEXT BEST TO WORLD CLASS The People and Events That Have Shaped the Canada Deposit Insurance Corporation 1967–2017 C. Ian Kyer CDIC—Next Best to World Class.indb 3 02/10/2017 3:08:10 PM Next Best to World Class: The People and Events That Have Shaped the Canada Deposit Insurance Corporation, 1967–2017 © Canada Deposit Insurance Corporation (CDIC), 2017 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior written permission of the publisher. -
Annual Report 2003 La De Annuel Rapport Rapport Annueldela 2003 Banque Ducanada
BANK OF CANADA OF CANADA BANK ANNUAL REPORT 2003 ANNUAL REPORT BANK OF CANADA ANNUAL REPORT 2003 2003 2003 BANQUE DU CANADA DU CANADA BANQUE BANQUE DU CANADA DU BANQUE LA DE ANNUEL RAPPORT RAPPORT ANNUEL DE LA RAPPORT Bank of Canada — 234 Wellington Street, Ottawa, Ontario K1A 0G9 5211 — CN ISSN 0067-3587 ISSN CN — 5211 0G9 K1A Ontario Ottawa, Street, Wellington 234 — Canada of Bank his many volunteer activities. His warm wit and generous spirit will be sorely missed. sorely be will spirit generous and wit warm His activities. volunteer many his Gerry Bouey and neither will his community to which he contributed to the very end through end very the to contributed he which to community his will neither and Bouey Gerry Those who worked with him over the course of his long and remarkable career will never forget never will career remarkable and long his of course the over him with worked who Those Achievement Award. In 1987, he was made a Companion of the Order of Canada. of Order the of Companion a made was he 1987, In Award. Achievement of Laws from Queen’s University. In 1983, he was presented with the Outstanding Public Service Public Outstanding the with presented was he 1983, In University. Queen’s from Laws of In 1981, he was made an Officer of the Order of Canada and also received an Honorary Doctor Honorary an received also and Canada of Order the of Officer an made was he 1981, In economic development and to the Bank’s growing international reputation. -
Part V. Canada
Part V. Canada anada adopted inflation targeting in 1991, one • The midpoint of the inflation target range, 2 percent, year after New Zealand. In examining its experi- is above zero, as in all the cases we examine here. Cence, we stress the following themes: • Although accountability is a central feature of the inflation-targeting regime in Canada, the central • Inflation targeting in Canada was not the result of bank is more accountable to the public in general legislation. However, as in New Zealand, the inflation than to the government directly. target in Canada is jointly determined and announced by both the government and the central bank. • A key and increasingly important feature of Canada’s inflation-targeting regime is a strong commitment to • As in New Zealand, inflation targeting was adopted transparency and the communication of monetary after substantial disinflationary pressures were already policy strategy to the public. evident. • As an adjunct to implementing the inflation-targeting • In Canada, there is a clear-cut separation between regime, the central bank makes use of a monetary the entity that measures the inflation variable to be conditions index (MCI), a weighted average of the targeted (Statistics Canada) and the entity that is exchange rate and the short-term interest rate, as a accountable for achieving the inflation target and short-run operating target. assessing past performance (the Bank of Canada). • The consumer price index (CPI) inflation rate has THE ADOPTION OF INFLATION TARGETS been chosen as the primary target variable because of The adoption of inflation targeting in Canada on Febru- its “headline” quality, although a core inflation rate ary 26, 1991, followed a three-year campaign by the Bank that excludes energy and food prices and the effects of indirect taxes is also used and reported in assessing of Canada to promote price stability as the long-term whether the trend inflation rate is on track for the objective of monetary policy. -
The Honorable Stephen S. Poloz Governor, Bank of Canada ______
The Economic Club of New York _________________________________ The Honorable Stephen S. Poloz Governor, Bank of Canada _________________________________ December 11, 2014 New York Hilton Midtown New York City The Economic Club of New York – Stephen S. Poloz – December 11, 2014 Page 1 William C. Dudley: Good morning...if I could have your attention please. My name is Bill Dudley. I’m the Chair of the Economic Club of New York and I’m also the President of the Federal Reserve Bank of New York. I’m pleased to introduce our speaker this morning, my central banking colleague, Stephen Poloz. I’ve enjoyed his company on many occasions. I have found him not only a highly capable central banker but an astute observer with respect to financial market and economic developments. When we’re at Basel and other places that central bankers meet, I always perk up when it’s his turn to speak. Now some background: He was appointed Governor of the Bank of Canada in June 2013 but he had plenty of prior central banking experience. He first joined the Bank of Canada in 1981 and occupied a range of increasingly senior positions over a 14-year span. In addition to his background as a central banker, he has over 30 years of public and private sector experience in financial markets, forecasting and economic policy. He served as managing editor of the publication, The International Bank Credit Analyst. He also had a long career at the Export Development, Canada where he was President and CEO before becoming Governor of the Bank of Canada. -
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Money in the Bank Money in the Bank
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Inflation Targeting in Canada
In‡ation Targeting in Canada: Optimal Policy or Just Being There? Peter Howitt Brown University October 2, 2006 Paper presented at the Festschrift in Honour of David Laidler, University of Western Ontario, August 18-20, 2006. Parts of the paper are drawn from my unpublished essay entitled “Learning Abnout Monetary Theory and Policy,” which bene…tted from many conversations on the subject with David Laidler and also with Joel Fried. John Crow, Chuck Freedman, Nicholas Rowe, T.K. Rymes and seminar participants at Carleton University and the Laidler Festschrift provided valu- able comments. 1 Introduction David Laidler has had the good sense not to have taken too seriously the notion that people are rational maximizers, always acting under rational expectations. One of the central themes of his work is that money is a device for economizing on the costs of processing information. People use it as a bu¤er stock that automatically absorbs unforeseen changes in income and expenses without the need for deliberation. They also use it as a unit of account, measure of value and standard of deferred payment because it is convenient to use, conventional and easily understood, even if this seems to introduce biases and ine¢ ciencies into their decision making and even if economists can think of better measures and standards.1 In this respect David stands apart from the mainstream of macroeconomics, which has been characterized over the years by what he has called an irrational passion for dispassionate rationality. But unlike many other critics of unbounded rationality, David does not put his ideas forth as an attack on free market economics. -
Download Zaretser.Indictment.Pdf
2013R001330/JLH UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY UNITED STATES OF AMERICA : Hon. Michael A. Shipp : v. : Crim. No. 21- : ALEKSANDER ZARETSER : 18 U.S.C. § 371 : (Conspiracy to Defraud the : Internal Revenue Service) : I N D I C T M E N T The Grand Jury in and for the District of New Jersey, sitting at Newark, charges as follows: Background 1. Unless otherwise indicated, at all times relevant to this Indictment: a. Defendant ALEKSANDER ZARETSER (“ZARETSER”) resided in Brooklyn, New York and claimed ownership of Prime Aid & PHA Corp. (“Prime Aid PHA”), a company incorporated in New York. b. Individual-1, a coconspirator not charged in this Indictment, resided in New Jersey and was friends and business associates with ZARETSER. c. The “Prime Aid Pharmacies” were specialty pharmacies located in Union City, New Jersey (“Prime Aid Union City”) and Bronx, New York (“Prime Aid Bronx”). Individual-1 worked for Prime Aid Union City and was an on-paper owner of Prime Aid Bronx. ZARETSER had no affiliation with the Prime Aid Pharmacies. d. Prime Aid PHA was a shell company unaffiliated with the Prime Aid Pharmacies that ZARETSER used to cash checks made payable to the Prime Aid Pharmacies. e. “Company-1” was a holding company linked to multiple bank accounts that Individual-1 used as personal accounts. f. Individual-2 and Individual-3 both resided in New York and did business with ZARETSER. Individual-2 previously worked at a Brooklyn, New York check cashing business. The Conspiracy 2. From in or about June 2011 to in or about March 2018, in the District of New Jersey and elsewhere, defendant ALEKSANDER ZARETSER knowingly and willfully conspired and agreed with Individual-1 and others to defraud the United States by impeding, impairing, obstructing, and defeating the lawful government functions of the Internal Revenue Service (“IRS”) to ascertain, compute, assess, and collect income taxes. -
Wwe Network Expands Throughout South East Asia
For Immediate Release WWE® NETWORK EXPANDS THROUGHOUT SOUTH EAST ASIA TO INCLUDE THAILAND AND THE PHILIPPINES STAMFORD, Conn., March 2, 2016 – Beginning today, fans in Thailand and Philippines can order WWE Network online by going to WWENetwork.com and receive their first month of service free. WWE Network in Thailand and Philippines will cost $9.99 USD per month, with no commitment and the ability to cancel any time. Subscribers will have access to the U.S. English language version of WWE Network and get all 12 WWE pay-per-view events at no additional cost including WWE’s biggest event of the year, WrestleMania, as well as 24/7 scheduled programming and the most comprehensive video-on-demand library with more than 4,700 hours of content, including Raw® and SmackDown® re-airs, and every WWE, WCW™ and ECW™ pay- per-view. WWE Network is available now in Thailand and Philippines on desktop, laptop and mobile devices. It will become available through Apple TV, Amazon Fire TV, Sony PlayStation 3, Sony PlayStation 4, Xbox One, Xbox 360, Roku and Smart TVs in time for WrestleMania 32. “WWE is committed to the global growth of our brand,” said George Barrios, WWE Chief Strategy & Financial Officer. “We are thrilled to offer WWE Network to our fans in Thailand and Philippines in time for our biggest event of the year, WrestleMania.” In addition to the 12 live WWE pay-per-view events, WWE Network original programming in 2016 includes: The Edge & Christian Show That Totally Reeks of Awesomeness – A half- hour variety show starring the talented duo, Edge and Christian that will take a look back at all the highs and lows of sports entertainment, while offering a unique and humor filled perspective to the WWE Universe. -
Accounting for Ontario's Debt
ACCOUNTING FOR ONTARIO’S DEBT ABOUT THE ONTARIO CHAMBER OF COMMERCE For more than a century, the Ontario Chamber of Commerce has been the independent, non-partisan voice of Ontario business. Our mission is to support economic growth in Ontario by defending business priorities at Queen’s Park on behalf of our network’s diverse 60,000 members. From innovative SMEs to established multi-national corporations and industry associations, the OCC is committed to working with our members to improve business competitiveness across all sectors. We represent local chambers of commerce and boards of trade in over 135 communities across Ontario, steering public policy conversations provincially and within local communities. Through our focused programs and services, we enable companies to grow at home and in export markets. The OCC provides exclusive support, networking opportunities and access to policy insight and analysis to our members. We also work alongside the Government of Ontario on the delivery of multiple programs, and leverage our network to connect the business community to public initiatives relevant to their needs. The OCC is Ontario’s business advocate. Author: Reid McKay, Economic Analyst Designer: Sarah Fordham RGD, Senior Designer ISBN: 978-1-928052-57-9 ©2019. Ontario Chamber of Commerce. All Rights Reserved. TABLE OF CONTENTS Glossary .......................................................................... 4 Introduction .................................................................... 5 Defining Ontario’s Sub-Sovereignty ........................... -
Toward the Next Renewal of the Inflation- Control Agreement
Institut C.D. HOWE Institute commentary NO. 453 To ward the Next Renewal of the Inflation- Control Agreement: Questions Facing the Bank of Canada As the Bank of Canada weighs its options for a new inflation-control agreement with the federal government, it should not squander its hard-won credibility by increasing the target rate of inflation. However, it should consider some form of level targeting. Steve Ambler The Institute’s Commitment to Quality About The C.D. Howe Institute publications undergo rigorous external review Author by academics and independent experts drawn from the public and private sectors. The Institute’s peer review ensures the quality, integrity Steve Ambler and objectivity of its policy research. The Institute will not publish any is the David Dodge Chair study that, in its view, fails to meet these standards. in Monetary Policy at the C.D. Howe Institute, The Institute requires that its authors publicly disclose any actual or professor in the Economics potential conflicts of interest of which they are aware. Department at the Université du Québec à Montréal, In its mission to educate and foster debate on essential public policy senior fellow of the Rimini issues, the C.D. Howe Institute provides nonpartisan policy advice Centre for Economic to interested parties on a non-exclusive basis. The Institute will not Analysis, and a member of endorse any political party, elected official, candidate for elected office, the Inter-University Centre or interest group. on Risk, Economic Policies and Employment (CIRPEE). As a registered Canadian charity, the C.D. Howe Institute as a matter of course accepts donations from individuals, private and public organizations, charitable foundations and others, by way of general and project support.